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20121213
20121213
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that in the remarks he gave at the new york economic club recently by before thanksgiving and i think the reconciliation is that what we are learning is at least temporarily the financial crisis may have reduced somewhat the underlying potential growth rate of the u.s. economy. it is interfered with business creation and investment in tech illogical advances and so on and that can account for at least part of a somewhat slower growth. at the same time though, of course what's monetary policy influences not potential growth, not the underlying structural growth for many other different policies and things like that but monetary policy affects primarily the state of the fiscal cycle, the amount of excess unemployment for the extent of recession in the economy. there i think we have also perhaps underestimated a bit the recession, but much closer there and i think therefore that we have been able to address that somewhat more effectively with quite accommodative policies. that being said of course we have over time as we have seen disappointments in growth and job creation, obviously as
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